Mistakes Made When Choosing a PSP

There are several general reasons for problems, which arise if you are too careless during ecommerce payment service provider (PSP) selection. For instance:

You do not analyze the merchant agreement. Your relationship with the potential processing partner will be guided by the provisions of your merchant agreement. It means that the agreement is the most important document for your business relationship, which has to be carefully studied and thoroughly understood. The agreement text itself is, usually, complicated, and it takes time to read it. However, you mustn’t sign the agreement before you are sure that all its provisions are clear and understandable to you. Pay special attention to red flags, causing doubts or seeming ambiguous, and clarify all the issues before reading on.

You do not notice the hidden fees. Hidden fees often become the key reason for disappointment when it comes to an agreement between a business and a payment service provider. If you overlook hidden fees, you may not get what you want from your business relationship with the PSP in terms of pricing. Of course, some salespeople lie to their clients, but more often, their clients themselves are unable to understand the pricing model embedded in the particular payment processing model. If you are processing credit card transactions, it doesn’t necessarily mean that you are charged the lowest fees for all of them.

At International Payment Gateway we have a considerable experience of working in merchant services industry. Our specialists will be glad to help you with the choice of the best payment service provider (payment processor) to partner with. Contact us, and we will assist you in selection of the best PSP for your specific business model.